DOWNSIDE TO 1.0530 SEEMS LIKELY
The illustrated view of KL downside to SA1**, followed by gains to R3, remains valid. This should be part of the larger R3/SA1** consolidation phase.
A further downside to SA1** and K will complete the bearish correction.
Important SA1** support is expected to hold during the downside, followed by meaningful gains back to at least R2.
The phase Z upside seems corrective and potentially still part of the larger A,B,C downside.
A break above R0* will, however, pivot the market for a larger bullish potential to K and even R1.
Target and Re-assessment Levels:
Important Levels: 1.0530/1.0780
Primary Trend and Target Levels: Gains off 1.530 to 1.1130
Monthly Range: 1.0860/1.0550
Prevailing Trend and Target Levels: Downside off 1.0780 to 1.0530
Technical Rating: Medium
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